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  • FIRST POST
    • Maxine Fielder
    • By Maxine Fielder 11th Jan 18, 5:17 PM
    • 2Posts
    • 1Thanks
    Maxine Fielder
    Appointed as Dads legal deputy with inheritance to invest?
    • #1
    • 11th Jan 18, 5:17 PM
    Appointed as Dads legal deputy with inheritance to invest? 11th Jan 18 at 5:17 PM
    My mum passed away recently leaving behind my elderly father who is a care home resident with late stage VAS dementia. We have been awarded by the court of protection to act as my fathers deputy so will be looking after his financial affairs. We have now filed for probate on my mums estate, this is estimated at around 80,000 and will obviously mean my father will no longer be council funded and need to pay for his own residential care, which is approx. 1,000 per week.
    My question is that while the money will need to be accessible to a point to cover these outgoings, can you suggest the best account to put this in so it is making a return, it could be split if necessary to receive a better income. He already has some investment in premium bonds and often wins 25 prizes so we are considering this as an option, although would be nice to get him a guaranteed income while keeping the money accessible.
    We have to report to the office of the public guardian about any decisions we make so want to be sure we are handling everything correctly and with my Dads best interest in mind.
Page 1
    • Rich2808
    • By Rich2808 11th Jan 18, 6:38 PM
    • 606 Posts
    • 457 Thanks
    Rich2808
    • #2
    • 11th Jan 18, 6:38 PM
    • #2
    • 11th Jan 18, 6:38 PM
    Sorry to hear about your mother.

    Does your father already have his own bank or savings accounts where his pensions are paid into? It would probably be easiest to manage and report if you kept things simple - as you only have to deal with the process/systems with one bank. So I would start with your fathers's existing bank - and see what savings they have on offer.

    My father is also in a care home - but he still has mental capacity and I have standard power of attorney so things like joint savings and bank accounts are easy to operate than in your situation. You need to have the arrangements set up so you can pay the care home easily. Personally I handle everything through Nationwide for him - I find their systems easier - and they have plenty of savings options/flexible isas and interest earning current accounts and you can arrange power of attorney issues in branch. But just my personal perspective.

    The best buy savings accounts are here - but many are postal/online based which can be fiddly if you have to send certified documents etc to manage the account. It makes life easier if you can operate through a bank or BS that has branches and allows face to face interaction.

    https://www.moneysavingexpert.com/savings/savings-accounts-best-interest

    Given you are an appointee - so have to report to the OPG - you need to keep things above board.
    • pinklady21
    • By pinklady21 11th Jan 18, 6:56 PM
    • 561 Posts
    • 383 Thanks
    pinklady21
    • #3
    • 11th Jan 18, 6:56 PM
    • #3
    • 11th Jan 18, 6:56 PM
    Sorry for your loss. My grandmother also sadly suffered from dementia, and lived in a care home for the last few years of her life. Her care was deemed to be "continuing healthcare" and was funded by the health board, and therefore not means tested as it would be it the care needs were deemed to be "social care needs".
    Despite my grandmother's very poor health, we had quite a battle to get the NHS / Social work departments to agree with us, but it was worth it.
    More info available here:
    https://www.ageuk.org.uk/information-advice/health-wellbeing/health-services/nhs-continuing-healthcare/

    Best of luck.
    • Rich2808
    • By Rich2808 11th Jan 18, 7:04 PM
    • 606 Posts
    • 457 Thanks
    Rich2808
    • #4
    • 11th Jan 18, 7:04 PM
    • #4
    • 11th Jan 18, 7:04 PM
    Sorry for your loss. My grandmother also sadly suffered from dementia, and lived in a care home for the last few years of her life. Her care was deemed to be "continuing healthcare" and was funded by the health board, and therefore not means tested as it would be it the care needs were deemed to be "social care needs".
    Despite my grandmother's very poor health, we had quite a battle to get the NHS / Social work departments to agree with us, but it was worth it.
    More info available here:
    https://www.ageuk.org.uk/information-advice/health-wellbeing/health-services/nhs-continuing-healthcare/

    Best of luck.
    Originally posted by pinklady21
    My dad gets continuing healthcare as his needs are predominantly nursing as he has a life limiting heart condition. Often they fast track people from hospitals with mainly nursing needs - and its intended for people with rapidly deteroriating and/or end of life issues.

    However its very much a lottery depending on where you live and who your CCG is and whether you get a sympathetic doctor who will approve you for continuing healthcare. It is quite hard to get it for dementia unless the person is nearing their end of life or has other medical needs. If you don't qualify - as most people don't - you face the local authority means test and 1k a week fees.

    This website offers some good advice - but as you say you need to fight and get lucky. Because its a total postcode lottery.

    https://caretobedifferent.co.uk/
    • Maxine Fielder
    • By Maxine Fielder 12th Jan 18, 2:59 PM
    • 2 Posts
    • 1 Thanks
    Maxine Fielder
    • #5
    • 12th Jan 18, 2:59 PM
    • #5
    • 12th Jan 18, 2:59 PM
    Unfortunately my Dad has many other issues and is totally dependant on the nursing team for all his daily care needs. He is type 1 diabetic and suffers with hyperglycaemia, has lost his vision, can no longer walk at all, suffers double incontinence, struggles with limited speech and has no mental capacity, the nursing staff now sit and feed him as he seems unable to do this for himself now, he also needs constant care for pressure sores among a long list of other ailments.


    I had no idea about the NHS continuing heath care funding so thank you that has been most useful, I have contacted both the care home and social services to see about them assessing him for this as I believe having read lots online today he should be eligible as his needs are primarily nursing care.


    We have an appointment at my Dads current bank tomorrow so will see what they say about the money, although of course they will only have a biased view of their own services but as you say may be easier to stay as them for easiness.


    Thanks for your very helpful advice.
    • xylophone
    • By xylophone 13th Jan 18, 2:01 PM
    • 25,371 Posts
    • 14,967 Thanks
    xylophone
    • #6
    • 13th Jan 18, 2:01 PM
    • #6
    • 13th Jan 18, 2:01 PM
    The AA savings account might suit for a year?

    http://www.theaa.com/savings-accounts


    You can pick up the AA POA/Deputyship form on line.
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